MIRAMAR, Fla., June 03, 2019 (GLOBE NEWSWIRE) — Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (https://www.otcmarkets.com/stock/GNBT/quote) today announced that the company has rescheduled the investor conference call originally scheduled for May 15, 2019. The new date for the call will be June 21, 2019, at which time Joseph Moscato, President & Chief Executive Officer of Generex will present an organizational roadmap outlining Generex Biotechnology’s operational, strategic and financial plans, as outlined herein.
Mr. Moscato said, “I appreciate everyone’s understanding and well wishes as I have been recovering from an unexpected medical issue that prevented me from holding our scheduled call that we have been conducting with our investors on a monthly basis. Now that I am well, I look forward to sharing some exciting news on June 21st.”
As previously announced, Generex plans to declare a 1:1 stock dividend for Generex shareholders on June 20, 2019, contingent upon the waiver by all insiders and other major equity holders not in the public float and a successful up listing to NASDAQ. To that end, the company has prepared an S1 registration statement, which we are planning to file in the coming weeks. The S1 is complete and is being reviewed by our attorneys, investment bank, and the auditing firms of Generex as well as those of each of our subsidiary organizations.
Generex is pleased to report that the company’s subsidiary Olaregen Therapeutix has officially launched Excellagen® wound conforming collagen matrix, and a nationwide sales effort is getting underway. Excellagen® is FDA cleared for the management of wounds, including surgical wounds, diabetic foot ulcers, venous leg ulcers, and post-MOHS surgery, among other types of dermal wounds.
Generex continues to make progress toward the planned spin-out of NuGenerex Immuno-Oncology (NGIO) and is in discussions with two potential partners with novel, exciting immuno-oncology platforms and clinical stage product development programs. Mr. Moscato will provide details outlining the company’s strategic plan and timing for the NGIO spin-out.
Mr. Moscato stated, “We have received a number of calls about the NuGenerex Immuno-Oncology spin-out and the dividend for Generex shareholders, all of whom have received their dividend shares. They own the shares and can either wait for the company to go public, or they can contact our transfer agent, Broadridge to obtain a stock certificate. Generex is fully committed to unlocking the value of NuGenerex Immuno-Oncology and spinning out the company on a national exchange.”
As previously reported, Generex has agreements to acquire Pantheon Medical and MediSource Partners in all-stock transactions using the Generex Pool Shares priced at $2.50 per share. These transactions are expected to be completed in the coming weeks. Pantheon Medical and MediSource are already working with Olaregen on new product development and distribution, as well as intra-company supply agreements for biologics and orthopedic implants.
Generex has partnered with Dr. Kiran Patel and Sanjay Kumar to establish NuGenerex Health a multi-specialty Management Services Organization (MSO) that will serve as in-network providers for a health maintenance organization (HMO) that provides healthcare services and disease management solutions for patients living with chronic medical conditions. NuGenerex Health will serve patients with Chronic Special Needs Plans (C-SNP) and Dual-Eligible Special Needs Plans under Medicare Advantage and Medicare Part B and Part D. Following the roadmap established by Dr. Patel in building some of the most successful HMO companies in recent history, NuGenerex plans to generate significant membership growth by developing patient centric engagement programs and building on our strong provider relationships. The HMO infrastructure will be managed by Dr. Patel’s business processing organization (BPO) Beacon Health Solutions, which has provided back-end services for HMOs since 2009.
Generex is currently in the process of setting up NuGenerex Chronic Care Solutions (NCCS) to provide ancillary health services for a multi-clinic endocrinology group in Arizona that cares for a population of 60,000 patients, approximately 42,000 of whom are insulin dependent diabetics with chronic care needs. Under this management services model, NCCS plans to provide ophthalmology and podiatry exams as well as patient-centric chronic care management (CCM), all ancillary health services recommended and reimbursed under the guidelines of the Centers for Medicare and Medicaid (CMS). We also plan to expand patient enrollment in Medicare CCM services through an identified network of primary care providers
Joe Moscato stated, “We were sorry to reschedule the investor update call last month, but as you will hear on June 21st, we have made significant strides over the last several weeks, such that we can now announce the final step in our plan to build an end-to-end solution for physicians and patients through NuGenerex Health and NuGenerex Chronic Care Solutions. I will provide an update on our efforts to acquire new immunotherapies and technologies to incorporate under the NuGenerex Immuno-Oncology organization, as well as plans for structuring and executing the spin-out. It is important that our shareholders know that NuGenerex Immuno-Oncology dividend share certificates are available upon request from Broadridge (www.broadridge.com). Finally, I will provide complete updates on our plans and timing for an up-list to the NASDAQ. We are proud of the progress we have made to get Generex back on a national exchange, and we are excited about our future opportunities as we continue to execute on our commercial operations, growth plans, and strategic initiatives, as outlined in this announcement. I look forward to speaking with our investors on June 21st.”
About Generex Biotechnology Corp.
Generex Biotechnology is an integrated healthcare holding company with end-to-end solutions for patient centric care from rapid diagnosis through delivery of personalized therapies. Generex is building a new kind of healthcare company that extends beyond traditional models providing support to physicians in an MSO network, and ongoing relationships with patients to improve the patient experience and access to optimal care.
In addition to advancing a legacy portfolio of immuno-oncology assets, medical devices, and diagnostics, the Company is focused on an acquisition strategy of strategic businesses that complement existing assets and provide immediate sources of revenue and working capital. Recent acquisitions include a management services organization, a network of pharmacies, clinical laboratory, and medical device companies with new and approved products.
Our newly formed, wholly-owned subsidiary, NuGenerex Distribution Solutions (NDS), integrates our MSO network with a pharmacy network, clinical diagnostic lab, durable medical equipment company (DME-IQ) and dedicated call center.
About Olaregen Therapeutics
Olaregen Therapeutix, Inc. is a regenerative medicine company focused on the development, manufacturing and commercialization of products that fill unmet needs in the current wound care market. The company aims to provide advanced healing solutions that substantially improve medical outcomes while lowering the overall cost of care. Olaregen’s first product introduction, Excellagen (flowable dermal matrix) is a topically applied product for dermal wounds and other indications. Excellagen is a FDA 510K cleared device for a broad array of dermal wounds, including partial and full thickness wounds, pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, tunneled/undermined wounds, surgical wounds (donor sites/ grafts, post-Mohs surgery, post-laser surgery, podiatric, wound dehiscence), trauma wounds (abrasions, lacerations, second-degree burns and skin tears) and draining wounds, enabling Olaregen to market Excellagen in multiple vertical markets. Additionally, Excellagen can serve as an Enabling Delivery Platform for pluripotent stem cells, antimicrobial agents, small molecule drugs, DNA-Based Biologics, conditioned cell media and peptides. Olaregen’s initial focus will be in advanced wound care including diabetic foot ulcers (DFU), venous leg ulcers and pressure ulcers. Future products focusing on innovative therapies in bone and joint regeneration comprise the current pipeline. The company’s mission is to become a significant force in regenerative medicine and advance the science of healing.
About our Service-Disabled Veteran-Owned Small Business (SDVOSB)
This a Service-Disabled Veteran-Owned Small Business (SDVOSB) that specializes in the sale, marketing, and distribution of innovative medical products through a nationwide network of veteran owned distribution services.
About MediSource Partners
MediSource Partners is a 10-year-old private company, currently contracted with over 25 vendors (including Pantheon Medical) for nationwide distribution of implants and devices for spine, hips, knees, foot, ankle, hand, and wrist surgeries. Additional product lines include biologics (blood, bone, tissue, stem cells), durable medical equipment, and soft goods. The company also supplies kits to process bone marrow aspirates and platelet rich plasma biologics at the time of surgery.
About Pantheon Medical
Pantheon Medical is a manufacturer of a physician friendly, “all-in-one”, integrated kit that includes plates, screws, and tools required for orthopedic surgeons and podiatrists conducting foot and ankle surgeries. The Company is developing and submitting several new product lines to the FDA which will include cannulated surgical screws, plates, and implants.
Cautionary Note Regarding Forward-Looking Statements
This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as “expects,” “plan,” “believes,” “will,” “achieve,” “anticipate,” “would,” “should,” “subject to” or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.